Global Medical Transcription Services Market
was valued at USD 41.4 million in 2012 and is expected to grow at a
CAGR of 5.6% from 2013 to 2019, to reach an estimated value of USD 60.6
million in 2019.
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Medical transcription (MT) is one of the
application based domains of healthcare management and is currently facing
intense transformation. Factors such as infrastructural initiatives taken up by
governments, implementation of electronic health record systems in developed
nations, automation of healthcare operations and growing concerns for offering
better, safe and swift healthcare service to the patients will have an impact
on the current model of medical transcription industry.
The global medical transcription is
segmented on the basis of service types and by the mode of procurement of
transcription services. Based on service type, the medical transcription
services is classified into History and Physical Report (H&P), Discharge
Summary (DS), Operative Note or Report (OP), Consultation Report (CONSULTS), Others
(Pathology Report (PATH) & Radiology Report (x rays or radiographs))
market. The market share of CONSULT reports is largest among all the other
reports in the medical transcription services market as these reports are
repeatedly produced for single patients undergoing treatment each time the
patient visits the specialist. It is expected that the global market fort
CONSULT reports will reach USD 21.1 million with the market growing
at a CAGR of 3.3% from 2013 to 2019. Earlier H&P reports were made only for
hospitalized patients and patients undergoing treatment which involved several
visits to specific clinics or hospitals but currently H&P reports are made
for both inpatients as well as outpatients to reduce the risk of reimbursement
issues. This has increased the share of H&P reports in the overall medical
transcription services market.
Any healthcare institute in order to
acquire medical transcription service can either outsource the job to a
domestic medical transcription service organization, offshore or opt for both
methods. Outsourcing is the most preferred mode of service procurement in
medical transcription with the market share of 62.2% in 2012. In addition,
large internationally operating healthcare organizations prefer to opt for both
the modes of service procurement, due to reasons such as ease of operations,
rapid turnaround times and easy allocation of monetary resources on the basis
of nature of reports.
Asian countries such
as India and Philippines are some of the leading hubs for
offshoring of transcription services. Most of the offshored business is
captured by these countries and is supported by government incentives and
subsidies for setting new business and expansion of existing business
units. United Arab Emirates (UAE) and Latin America are
emerging markets in RoW followed by Qatar. North
America currently dominates and is expected to retain its position in the
medical transcription services market in the future. Growth drivers for this
market in North America are factors such as rise in aging population
and passing of Patient Protection and Affordable Healthcare Act, 2013.
The North America medical transcription services market was worth
more than USD 18 million and is expected to grow at a CAGR of over 5%
in the forecast period.
The global medical transcription services
market is highly competitive in nature with a large number of market
consolidation activities being conducted in the past ten years. Some of the key
market players operating in this market include Acusis LLC, Nuance Communications,Inc.,
MModal, Inc., iMedX Information Services Pvt. Ltd, Precyse Solutions LLC,
Scribe Healthcare Technologies, Inc., Superior Global Solutions, Inc.,
Transcend Services, Inc. and TransTech Medical Solutions.
The global medical transcription services
market is segmented as follows:
Medical Transcription
Services Market, by Service Type
§ History and Physical
Report (H&P)
§ Discharge Summary (DS)
§ Operative Note or Report
(OP)
§ Consultation Report
(CONSULTS)
§ Others (Pathology Report
(PATH) & Radiology Report (X-rays or radiographs))
Medical Transcription
Services Market, by Mode of Procurement
§ Outsourcing
§ Offshoring
§ Both
Medical Transcription
Services Market, by Geography
§ North America
§ Europe
§ Asia-Pacific
§ Rest of the World (RoW)
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